am I thinking along the right lines?

[a2p]

What would my Banks say to this?

I have just had a big business failure which means I am looking at debts of £250k owed to two banks, backed by personal guarantee.

My personal credit is (was?) excellent but I have absolutely no assets whatsoever.

What I am thinking of doing is completing the bankruptcy statement of affairs to show that I simply do not have any assets, swearing this statement at court or solicitors and then sending this to the banks to ask them to agree a nominal payment.

My thinking is that if they see that I dont have any assets then they are guaranteed to get nothing from me in bankruptcy, however if they agree to write off the debt in return for a monthly payment they will get something.

Have I entered cuckoo land or am I thinking along the right lines.

Hoping that someone can help

[MelanieGiles]

Hi there and welcome to the forum

Well that will only cost you a little time and two first class stamps - so give it a go. You have nothing to lose and they can only say no.

But is there any point in paying nominal payments to such a large debt which you will never pay off, or isn't bankrutpcy a better option?